Motorcycle Insurance Articles
When To Buy New Motorcycle Insurance Coverage For Your Bike
2011-01-19
Many factors from bike specs to personal status can require a change in motorcycle insurance coverage. Knowing when to upgrade coverage, purchase new coverage or remove unnecessary benefits is the key to protecting your bike, your family and controlling insurance expenses. Riders should purchase new coverage anytime there has been a significant change in their family or personal status, motorcycle specifications, loan financing or the addition of new vehicles. In some cases, it's appropriate to remove benefits that are not longer required. It's also possible for riders to reduce rates and keep the same coverage by insuring multiple vehicles through one provider.
Anytime you upgrade your bike, it's time to upgrade your coverage. Motorcycle insurance coverage for accessories and value-added upgrades is not required. But after you've invested time and money in purchasing a custom seat cover or a specialized accessories package you'll want to protect these custom upgrades in case your bike gets damaged or stolen. After installing upgrades, applying for new coverage is quick and simple. Insurance underwriters make it easy to customize the level of coverage based on the value of the upgrades. These optional added equipment policies are designed specifically to protect after-market customizations and the personalized details that make your bike unique.
If you recently paid off your motorcycle loan, you can drop gap coverage for an immediate reduction in rates. Riders who own their motorcycle outright may also choose to remove optional comprehensive coverage and collision coverage. However, comprehensive coverage is vital for covering motorcycle damage and repairs rated to vandalism and natural disasters. Likewise, collision insurance is essential for covering damage sustained if you strike another vehicle, a stationary object, or your motorcycle is hit while legally parked. Depending on your area and provider, most motorcycle insurance coverage can be personalized with optional benefits.
Changes in motorcycle operators or passengers may also require new coverage to ensure you are fully insured. State regulations vary, so it's important to make sure you purchase optional guest passenger liability insurance if that option is available in your state. If you recently bought a second bike or a family car, you may be able to reduce your annual premium by insuring multiple vehicles or drivers together. Applying for new coverage is a great idea if you've completed a state-authorized motorcycle safety course and driving program anytime in the past three years. Riders who have voluntarily completed a motorcycle safety course can usually apply for a safe operator discount for lower premiums.
Staying on top of your motorcycle insurance coverage can help prevent overspending and eliminate gaps that leave you and your motorcycle vulnerable.